Last year, Minister for Justice Alan Shatter said people seeking to participate in the personal insolvency scheme would have to sell their expensive jewellery. He told the OireachtasJustice Committee that some people who “have property in Nama” could not expect to get debt relief and also hold on to the “€300,000 diamond bazooka”. Perhaps his warning is having an impact. Dublin auctioneer John Weldon said that he was “inundated with vendors wishing to sell their jewellery” including “a number of diamond ‘bazookas’ ”.

His auction of jewellery, silver and gold in Dublin includes a ring with a single 3.03ct diamond, estimated at €30,000-€35,000, and an emerald and diamond three-stone ring, €3,500-€4,500 (pictured.

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